55,000 SD Owners Still Underwater

Nearly five years after the Great Recession, more than 55,000 San Diego County homeowners are still underwater on their mortgages, says an analysis released this week by the real-estate website Zillow.

The report found that in the first quarter of the year, 12.6 percent of homeowners with mortgages in San Diego County owed more on their properties than they were worth, down from 21 percent a year earlier.

The drop in those underwater was aided by big home price appreciation in 2013, which during the summer peaked at 24.1 percent year-over-year. Still, the annual gains slowed in the second half of the year, and weren’t enough to get everyone’s value to recover to a point that they could sell their home for a profit or at least break even to get out of their loan.

read more at:http://www.utsandiego.com/news/2014/May/22/zillow-negative-equity-underwater-homes-mortgage/

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